Maeda Palius
on
February 17, 2021

RE: HOW DO ECONOMIC IMPACT PAYMENTS (i.e. STIMULUS CHECKS) IMPACT YOUR TAX RETURN?

To Our Valued Clients and Friends,

While we are extremely grateful for the economic impact payments (i.e. stimulus checks) that have been issued, these payments cause complications in the preparation of individual tax returns.

WHAT ARE ECONOMIC IMPACT PAYMENTS (i.e. STIMULUS CHECKS)?
Economic Impact Payments are the payments individuals received in the spring/early summer of 2020 and again in early 2021. (Payments were approximately $1,200 and $600 respectively.)

HOW DO THESE PAYMENTS EFFECT YOUR TAX PREPARATION?
Tax Professionals must report whether these payments were received and how much was received.

HOW DO YOU DETERMINE HOW MUCH YOU RECEIVED?
The IRS states you will receive Notices 1444 and/or 1444-B which outline payment amounts. If you have an online account established with the IRS you may also log in and check this information, or you may review your bank account statement for deposits from “IRS Treas.”

CAN YOUR TAX PROFESSIONAL LOOK UP THIS INFORMATION?
Unfortunately, tax professionals are unable to access this information.

WHAT DO YOU NEED TO DO?
Please provide us with the dates and exact amounts of your Economic Impact Payments.

If you have any questions or concerns, please do not hesitate to contact us.

Wishing You Continued Health & Safety,

Maeda Palius, Jason Janzen, Annika Jensen and the POJ Team

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